PANews reported on October 10th that according to CoinDesk, several new tokens have recently experienced significant pullbacks after their launch, raising questions about the Time-Based Enabling (TGE) model ahead of a series of airdrops. CAMP, the native token of the AI-powered Layer1 blockchain, has plummeted 88% since its launch last month, while DoubleZero's 2Z token has lost 60% of its value in just eight days. Anoma's XAN token has also seen a significant drop, falling 60% in a week. XPL's price fell below its TGE issue price on Friday due to widespread negative sentiment surrounding the alleged founding team token sale, a claim denied by the company's founder.

There are several reasons behind the dismal performance of newly listed tokens. One is excessive pre-launch hype, which means that when the tokens finally come to market, users are often content to receive a return on their investment rather than continue to increase their holdings. Another reason is token economics. XPL's woes were attributed to $813 million worth of "ecosystem and growth" tokens, which were allegedly sold through market makers, putting pressure on prices and exceeding retail investor demand. With major airdrops coming up for MetaMask, OpenSea, and Monad, some worry that the 2025 "airdrop season" could see similarly weak performance if supply outstrips demand.